Steve and his wife Christine recently opened an investment account with the intention of saving enough to purchase a house. Their goal is to have $45,000 for a down payment in 5 years. Their account will guarantee them a return of 8% compounded annually. How much do they need to put into the account right now to reach their goal?

Answer rating: 100% (QA)

Calculate the present value of the investment follows Therefore the present value of the in inve... View the full answer